TEMPE, Ariz. — April 7, 2022 — VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, and firearms training simulators for the law enforcement and military markets, announced today that it received a written notice from The Nasdaq Stock Market LLC (“Nasdaq”) on April 5, 2022, stating that because VirTra has not yet filed its Form 10-K for the year ended December 31, 2021 (the “Form 10-K”), it is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).

This notification has no immediate effect on the listing of VirTra’s shares on Nasdaq. However, if VirTra fails to timely regain compliance with Nasdaq Listing Rule 5250(c)(1), its common stock will be subject to delisting from Nasdaq.

Under Nasdaq rules, VirTra has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the plan, then Nasdaq may grant VirTra up to 180 days from the prescribed due date for filing the Form 10-K (as extended pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, as amended) to regain compliance. If Nasdaq does not accept the plan, then VirTra will have the opportunity to appeal that decision to a Nasdaq hearings panel.

VirTra CEO and Chairman Bob Ferris commented, “As we discussed in our recent business update and conference call, our growth over the past two years has necessitated implementing a new ERP system, which, along with COVID-related personnel limitations, has delayed the completion of the audit. We believe these transitory challenges are growing pains for an expanding company that is strengthening its infrastructure to catch up with the success of its business. We are working diligently to complete the independent audit and file our Form 10-K with the SEC as soon as possible while working with Nasdaq to maintain our listing.”

 

About VirTra, Inc.

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship, and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.

 

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

Record Orders for 2021 of $32.7 Million, 37% Year-Over-Year Growth

 

TEMPE, Ariz. — March 31, 2022 — VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, and firearms training simulators for the law enforcement and military markets, provided a business update for the full year ended December 31, 2021.

 

Full Year 2021 Financial Highlights:

  • Sales orders received in 2021 totaled a record $32.7 million, an increase of 37% compared to 2020
  • Estimated cash and cash equivalents at December 31, 2021 totaled $19.7 million

 

Recent Operational Highlights:

  • Awarded standing offer from Government of Canada as part of countrywide effort to standardize purchasing from one simulation provider for the Royal Canadian Mounted Police as well as a wide range of other Canadian agencies.
  • Secured $2.7 million in follow-on orders from two foreign countries, demonstrating strong customer retention.
  • Formed teaming agreement with Action Target to collaborate on best-in-class solutions for both simulation training systems and live-fire shooting ranges.

 

Management Commentary

“While we are not yet able to release financial 2021 results, we are highly optimistic given the 37% year-over-year growth in orders to a record $32.7 million,” said Bob Ferris, chairman and CEO of VirTra. “The record level of orders continues to demonstrate the market acceptance of VirTra’s world-class training solutions as the gold standard in the industry. As the world continues to move away from COVID-related restrictions, we are having more opportunities to attend trade shows and meet with prospective customers to demonstrate VirTra’s innovative technology, new software features and scenarios, recoil kits, simulated CEWs (conducted energy weapon) and instructor training capabilities. These in-person demonstrations allow us to better showcase the advantages of VirTra’s solutions, which we believe will translate to continued growth. Recent wins including the $2.7 million in two foreign country orders and the standing offer we won for the Government of Canada represents further market share gains for VirTra and our more effective simulation training products adopted by governments globally.”

VirTra filed a Form 12b-25 with the U.S. Securities and Exchange Commission to disclose that it will not be able to file its Annual Report on Form 10-K for the year ended December 31, 2021 by its due date of March 31, 2022, and is not expected to do so within the 15-day extension period allowed by the Form. The delay is due primarily to the integration of a previously disclosed new company-wide Enterprise Resource Planning (ERP) system.

“VirTra’s growth has not come without transitory challenges as we have needed additional time to complete the independent audit of our financial statements,” continued Ferris. “We have expanded our business tremendously over the past two years, which necessitated implementing a new ERP system, which, along with COVID-related personnel limitations, has delayed the completion of the audit, particularly related to inventory and revenue reporting. We are continuing to work closely with our independent auditor to complete the audit as soon as practical. Despite these delays, the fundamentals of our business remain very strong with growing sales and a healthy balance sheet with $19.7 million of cash at the end of 2021, providing us with sufficient resources to execute our growth strategy in 2022 and beyond.”

 

Conference Call

VirTra’s management will hold a conference call today (March 31, 2022) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results. VirTra’s chairman and CEO, Bob Ferris, and chief accounting officer, Marsha Foxx, will host the call, followed by a question-and-answer period.

 

U.S. dial-in number: 1-877-407-9208

International number: 1-201-493-6784

 

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

 

The conference call will be broadcast simultaneously and is available for replay here.

 

A replay of the call will be available through Thursday, April 14, 2022.

 

U.S. replay dial-in: 1-844-512-2921

International replay dial-in: 1-412-317-6671

Replay ID: 13728165

 

About VirTra, Inc.

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship, and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.

 

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

Provides Update on its Independent Audit 

TEMPE, AZ – March 21, 2022 – VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, and firearms training simulators for the law enforcement and military markets, will hold a conference call on Thursday, March 31, 2022 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2021. These preliminary unaudited financial results will be issued in a press release prior to the call. 

 VirTra plans to file a Form 12b-25 with the U.S. Securities and Exchange Commission requesting a 15-day extension to file its Annual Report on Form 10-K for the year ended December 31, 2021. The Company does not anticipate having the audit of its financial statements completed in order to meet the March 31, 2022 deadline due primarily to the integration of a previously disclosed new company-wide ERP (Enterprise Resource Planning) system.  

 “We are working diligently to complete the independent audit and file our Form 10-K with the U.S. Securities and Exchange Commission as soon as possible, but we do not anticipate meeting the March 31 filing deadline,” said VirTra CEO and Chairman Bob Ferris. “Our continued and anticipated growth necessitated the complete changeover of our production and accounting systems from three independent systems to a new ERP system to improve internal operating efficiency. The integration of this system has caused delays in completing the independent audit. Despite this delay, VirTra continues to be in a strong operating position and we expect 2021 financial results to be among the best in our history.” 

VirTra management will host the presentation, followed by a question-and-answer period. 

Date: Thursday, March 31, 2022 

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) 

U.S. dial-in: 1-877-407-9208 

International dial-in: 1-201-493-6784  

A live audio webcast of the conference call will be available in listen-only mode simultaneously and available for replay here and via the investor relations section of the company’s website 

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.  

A replay of the call will be available on the same day through Thursday, April 14, 2022. 

U.S. replay dial-in: 1-844-512-2921 

International replay dial-in: 1-412-317-6671 

Replay ID: 13728165 

 

About VirTra, Inc. 

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship, and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com. 

Investor Relations Contact: 

Matt Glover and Jeff Grampp, CFA 

Gateway Group, Inc.  

949-574-3860 

VTSI@gatewayir.com   

TEMPE, Ariz. — November 15, 2021 — VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement and military markets, reported results for the third quarter and nine months ended September 30, 2021. The financial statements are available on VirTra’s website and here.

Third Quarter 2021 and Recent Operational Highlights:

  • Awarded $24.5 million DHS IDIQ contract for U.S. Customs and Border Protection with $1.4 million initial order
  • Received $1.37 million order from a country in the Middle East for use-of-force simulators, recoil kits and various training tools, software, and accessories
  • Secured $1.3 million order from a federal law enforcement agency in a European country for use-of-force simulators, weapon recoil kits and other training accessories
  • Scaling manufacturing capabilities to support anticipated growth in training simulator development and production with purchase of industrial building in Chandler, AZ

Third Quarter 2021 Financial Summary:

  • Total revenue was $6.1 million
  • Gross profit was $2.9 million, or 47% of total revenue
  • Net income totaled $1.3 million
  • Adjusted EBITDA totaled $520,000
  • Backlog increased 28% sequentially and 51% year-over-year to record $21.7 million
  • Cash and cash equivalents totaled $21.5 million

Nine Month 2021 Financial Summary:

  • Total revenue was $15.8 million
  • Gross profit was $8.6 million, or 54% of total revenue
  • Net income totaled $2.5 million, or $0.25 per diluted share
  • Adjusted EBITDA totaled $2.3 million

Third Quarter and Nine Month 2021 Financial Highlights:

 

Management Commentary

“We continue to be encouraged with the accelerating market adoption of VirTra’s world-class training solutions, which is evidenced by our record quarterly bookings along with a 16% sequential increase in revenue and 28% sequential increase in backlog to a new record,” said Bob Ferris, chairman and chief executive officer of VirTra. “Q3 was also highlighted by several noteworthy contract wins, including a $24.5 million IDIQ contract with the U.S. Department of Homeland Security for U.S. Customs and Border Protection and two international contract wins totaling $2.7 million, which give us optimism regarding our international prospects. Our military opportunity set remains robust with recent contracts wins, and while predicting timing of a major inflection point for more substantial revenue contribution from this market can be challenging, we nonetheless have confidence that the military market will be an important contributor to VirTra in the future.

“We continue to execute on our strategic initiatives designed to scale our business for even greater success. Our enhanced capabilities, expanded team, and strong balance sheet, give us confidence in our ability to capitalize on our pipeline of opportunities and the growing need for effective and realistic training solutions globally.”

Third Quarter 2021 Financial Results

Total revenue was $6.1 million, compared to $6.4 million in the third quarter of 2020. The decrease in revenue resulted from the product mix of sales and delivery schedules to accommodate our customers’ needs.

Gross profit was $2.9 million, compared to $4.0 million in the third quarter of 2020. Gross profit margin, defined as total revenue less cost of sales, was 47.2%, which was lower than the 61.9% in the third quarter of 2020. The decrease in gross profit and gross profit margin were due to an increase in reserve for inventory as operations scale.

Net operating expense was $2.6 million, compared to $2.7 million in the third quarter of 2020. The decrease was primarily due the impairment write down in 2020 offset by the transition to a Company-wide ERP system in 2021 which included software fees, consulting, and time invested by Company staff.

Income from operations totaled $266,000, compared to $1.2 million in the third quarter of 2020.

Net income totaled $1.3 million, or $0.12 per diluted share (based on 11.0 million weighted average diluted shares outstanding), compared to net income of $868,000, or $0.11 per diluted share (based on 7.8 million weighted average diluted shares outstanding), in the third quarter of 2020. Net income in the third quarter of 2021 benefited from a non-recurring $1.3 million gain on forgiveness of the company’s Paycheck Protection Program loan.

Adjusted EBITDA, a non-GAAP metric, totaled $520,000, compared to $1.6 million in the third quarter of 2020.

Backlog increased 51% to a record $21.7 million, compared to $14.4 million at the end of the third quarter of 2020.

Nine Months Ended September 30, 2021 Financial Results

Total revenue was $15.8 million, compared to $12.5 million for the first nine months of 2020. The increase in revenue for the nine months ended September 30, 2021 resulted from an increase in the number of simulators and accessories completed, delivered and revenue recognized compared to the same period in 2020.

Gross profit was $8.6 million, compared to $7.1 million for the first nine months of 2020. Gross profit margin, defined as total revenue less cost of sales, was 54.3%, compared to 57.0% for the first nine months of 2020. The decrease in gross profit margin was due to a one-time impact from an increase in reserve for inventory as our operations scale.

Net operating expense was $6.9 million, compared to $7.3 million for the first nine months of 2020. The decrease was primarily due to the impairment write down in 2020 offset by an increase in software licenses in 2021.

Operating income was $1.7 million, an improvement compared to an operating loss of $115,000 for the first nine months of 2020.

Net income totaled $2.5 million, or $0.26 per basic and $0.25 per diluted share (based on 9.7 million weighted average basic and 10.1 million weighted average diluted shares outstanding), an improvement compared to a net loss of $123,000, or $(0.02) per basic and diluted share (based on 7.8 million weighted average basic and diluted shares outstanding), for the first nine months of 2020.

Adjusted EBITDA, a non-GAAP metric, totaled $2.3 million, compared to $615,000 for the first nine months of 2020.

Conference Call

VirTra’s management will hold a conference call today (November 15, 2021) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results. VirTra’s chairman and CEO, Bob Ferris, and chief accounting officer, Marsha Foxx, will host the call, followed by a question-and-answer period.

 

U.S. dial-in number: 1-877-545-0523

International number: 1-973-528-0016

 

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be broadcast simultaneously and is available for replay here.

A replay of the call will be available through Monday, November 29, 2021.

 

U.S. replay dial-in: 1-877-481-4010

International replay dial-in: 1-919-882-2331

Replay ID: 43589

About VirTra, Inc.

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement and military markets. The company’s patented technologies, realistic drop-in recoil kits, software, and immersive science-based scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship, and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.

About the Presentation of Adjusted EBITDA

Adjusted earnings before interest, income taxes, depreciation, and amortization and before other non-operating costs and income (“Adjusted EBITDA”) is a non-GAAP financial measure. Adjusted EBITDA also includes non-cash stock option expense and other than temporary impairment loss on investments. Other companies may calculate Adjusted EBITDA differently. VirTra calculates its Adjusted EBITDA to eliminate the impact of certain items it does not consider to be indicative of its performance and its ongoing operations. Adjusted EBITDA is presented herein because management believes the presentation of Adjusted EBITDA provides useful information to VirTra’s investors regarding VirTra’s financial condition and results of operations and because Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in VirTra’s industry, several of which present a form of Adjusted EBITDA when reporting their results. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of VirTra’s results as reported under accounting principles generally accepted in the United States of America (“GAAP”). Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of net income to Adjusted EBITDA is provided in the following tables:

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

 

VirTra, Inc.

Condensed Balance Sheets

VirTra, Inc.

Condensed Statements of Operations

(Unaudited)

VirTra, Inc.

Condensed Statements of Cash Flows

(Unaudited)

Full Year Revenue up 9% to Record $18.1 Million, Driving Adjusted EBITDA of $1.9 Million and Net Income of $0.8 Million

TEMPE, Ariz. — March 28, 2019 — VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, reported results for the fourth quarter and full year ended December 31, 2018. The financial statements are available on VirTra’s website and here.

Fourth Quarter 2018 and Recent Highlights:

  • Repurchased $382,000 of common stock from November 14, 2018 to December 31, 2018; in January 2019, the company’s board of directors increased the stock repurchase program from $1.0 million to $2.0 million; as of March 28, 2019, the company purchased an additional $261,000 of common stock
  • Launched Subscription Training Equipment and Partnership (STEP) program, allowing agencies to utilize VirTra’s products on a subscription basis, thereby increasing VirTra’s total addressable market and recurring revenue
  • Launched Driving Simulator product line and secured a $1.9 million, inaugural contract for driving simulators from the Department of State for the Republic of Mexico
  • Acquired simulated firearm technology patent portfolio to enhance its current product lineup of recoil kits as well as create new training equipment for both military and law enforcement simulation training
  • Launched new Law Enforcement training curriculum for high-risk vehicle stops

Fourth Quarter and Full Year 2018 Financial Highlights:

All figures in millions, except per share data

Q4 2018

Q4 2017 % Δ FY 2018 FY 2017

% Δ

Total Revenue

$2.5

$2.4 7% $18.1 $16.5

9%

Gross Profit

$1.0 $0.9 2% $11.0 $10.2

8%

Gross Margin

37.8%

39.5% -5% 61.1% 61.9%

-1%

Net Income (Loss)

($1.1)

$0.5 -325% $0.8 $3.3

-75%

Diluted Earnings per Share (EPS)

($0.13)

$0.06 -317% $0.10 $0.39

-74%

             

Management Commentary
“2018 was a milestone year as it marked the 25th anniversary as a company and was one of our most successful years ever,” said Bob Ferris, Chairman and Chief Executive Officer of VirTra. “Our progress operationally produced solid financial results, highlighted by 9% revenue growth to a record $18.1 million and an 8% increase in adjusted EBITDA, reflecting the leverage in our business model.

“We also achieved several operational milestones throughout the year, which included deploying simulators to three of the largest law enforcement agencies in the country, securing new contracts with the Department of State, as well as launching new products and services such as the internationally accredited curriculum, V-VICTA. From a capital allocation standpoint, thanks to our consistent positive cash flows and solid balance sheet, we acted opportunistically on our share repurchase program, acquiring $643,000 of our common stock in the open market since mid-November.

“Looking ahead, the decisions we made during 2018 placed us in an even stronger position for 2019 as we work to bolster our product suite, push more into the military market, and increase our recurring revenue with the STEP program. We’ve already made measurable progress in each of these areas, and we are optimistic that the changes we are implementing will have several positive effects for VirTra and our shareholders in 2019 and the years ahead.”

Fourth Quarter 2018 Financial Results
Total revenue increased 7% to $2.5 million from $2.4 million in the fourth quarter of 2017. The increase in total revenue was due to higher sales of simulators, accessories, and scenarios.

Gross profit increased 2% to $957,000 (37.8% of total revenue) from $940,000 (39.5% of total revenue) in the fourth quarter of 2017. The increase in gross profit was primarily due to differences in the type and quantity of systems and accessories sold.

Net operating expense increased 14% to $2.8 million from $2.5 million in the fourth quarter of 2017. The increase in net operating expense was due to increases in accounting, legal, consultant and bad debt expenses.

Loss from operations was $1.9 million compared to a loss of $1.5 million in the fourth quarter of 2017.

Net loss totaled $1.1 million or $(0.13) per diluted share, compared to net income of $470,000 or $0.06 per diluted share in the fourth quarter of 2017.

At December 31, 2018, backlog totaled approximately $6.8 million. Cash and cash equivalents and certificates of deposit totaled $6.0 million at quarter end.

Full Year 2018 Financial Results
Total revenue increased 9% to a record $18.1 million from $16.5 million in 2017. The increase in total revenue was driven by higher sales of simulators, accessories, licensing fees, warranties and other services.

Gross profit increased 8% to $11.0 million (61.1% of total revenue) from $10.2 million (61.9% of total revenue) in the 2017. The increase in gross profit was primarily due to differences in the type and quantity of systems and accessories sold.

Net operating expense increased 13% to $10.0 million from $8.9 million in 2017. The increase in net operating expense was due to increases in general and administrative and research and development expenses.

Additionally, the fiscal year ended December 31, 2018 included an impairment loss on investment in That’s Eatertainment Corp., formerly known as, Modern Round Entertainment Corp., a related party, recorded as operating expense. The year-over-year increase in professional services included non-recurring legal and public company expense directly related to the Company’s qualification and Securities and Exchange Commission registration and Nasdaq listing in March 2018.

Income from operations was $1.0 million compared to $1.3 million in 2017.

Net income totaled $0.8 million, or $0.10 per diluted share, compared to $3.3 million, or $0.39 per diluted share, in the comparable period a year ago. The decrease in net income was primarily due to a $2.5 million tax benefit recorded in 2017 compared to a $310,000 income tax expense in 2018.

Adjusted EBITDA increased 8% to $1.9 million from $1.8 million in 2017.

Conference Call
VirTra management will hold a conference call today (March 28, 2019) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results. VirTra’s Chairman and CEO, Bob Ferris, and CFO, Judy Henry, will host the call, followed by a question and answer period.

U.S. dial-in number: 877-407-8031
International number: 201-689-8031

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact VirTra’s IR team at 949-574-3860.

The conference call will be broadcast live and available for replay here and via the investor relations section of VirTra’s website.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through April 11, 2019.

Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 45322

About VirTra
VirTra (NASDAQ: VTSI) is a global provider of training simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly-effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.

About the Presentation of Adjusted EBITDA
Adjusted earnings before interest, income taxes, depreciation and amortization and before other non-operating costs and income (“Adjusted EBITDA”) is a non-GAAP financial measure. Adjusted EBITDA also includes non-cash stock option expense and other than temporary impairment loss on investments. Other companies may calculate Adjusted EBITDA differently. VirTra calculates its Adjusted EBITDA to eliminate the impact of certain items it does not consider to be indicative of its performance and its ongoing operations. Adjusted EBITDA is presented herein because management believes the presentation of Adjusted EBITDA provides useful information to VirTra’s investors regarding VirTra’s financial condition and results of operations and because Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in VirTra’s industry, several of which present a form of Adjusted EBITDA when reporting their results. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of VirTra’s results as reported under accounting principles generally accepted in the United States of America (“GAAP”). Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of net income to Adjusted EBITDA is provided in the following table:

Forward-Looking Statements
The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the SEC. You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the Securities and Exchange Commission before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

Media Contact:
Susan Lehman
Slehman@virtra.com
510-599-6555

Investor Relations Contact:
Matt Glover or Charlie Schumacher
VTSI@liolios.com
949-574-3860

FINANCIALS FOLLOWING



 

TEMPE, Ariz. — January 16, 2019 — VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, reported that its numerous achievements in 2018 have placed the company in a strong position for 2019. This year the company intends to focus more of its resources on enhancing and diversifying its technological suite as well as expanding its sales presence and footprint in the military market.

“2018 marked our 25th anniversary since our founding – a milestone which has provided us with an opportunity to reflect on our past progress and evaluate our future growth priorities,” said Bob Ferris, Chairman and Chief Executive Officer of VirTra. “During the past year, we made significant progress executing on key initiatives that will drive growth and create long-term shareholder value for our company, including launching V-VICTA and bolstering our reputation as an industry leader. What 2018 also demonstrated is that we are consistently becoming more effective at realizing our primary mission of improving and saving lives through uniquely effective, high-tech products.”

2018 Operational Highlights: During the year, VirTra achieved several operational milestones, including:

  • Listing the company’s common stock on the NASDAQ Capital Market;
  • Launching the industry’s first nationally accredited training curriculum, VirTra-Virtual Interactive Coursework Training Academy (V-VICTA);
  • Expanding the company’s international footprint from 23 countries at the start of 2018 to 29 countries by year end;
  • Forming partnerships with several nationally recognized organizations to test, develop, and improve both new curriculum and new training scenarios. To date, VirTra has secured eight strategic partnerships, including: Force Science Institute, Vistelar, Haley Strategic, Trijicon, National Sheriff’s Association, National Law Enforcement Center on Animal Abuse, Office of the Utah Attorney General, and Southwest Autism Research & Resource Center.

2018 Financial Highlights: The company achieved several important financial milestones during the first nine months of 2018, which included generating record revenue, gross profit, net income and adjusted EBITDA. The company’s strong results have been driven by consistent execution from its expanded sales organization as well as the growing demand from law enforcement professionals for VirTra’s uniquely effective and patented training content and devices, such as the Threat-Fire™ to add real stress during training. This success has put the company on track to achieve record revenue for fiscal 2018.

The company plans to release results for the fourth quarter and fiscal year 2018 in March 2019. The conference call details will be announced approximately a week prior to the event.

“2018 was one of our most successful years to date both financially and operationally,” added Ferris. “During the year, we secured several large contracts, including new and add-on orders with the U.S.

Department of State, as well as new contracts with three of the largest law enforcement agencies in the country. These orders, along with numerous others, not only increased our domestic and global footprint but also have us on course for a record year and significant momentum entering 2019.

“Along that line, for 2019 we remain focused on our core values while making our business even more efficient, but we also recognize that we must expand our presence in markets adjacent to law enforcement in order to maintain our industry leadership and scale our business to new levels. With that in mind, it is our intention to strengthen and diversify our current business by bolstering our technological capabilities and increasing our sales footprint and resources in the military market.”

Bolstering Technology Capabilities: Over the coming fiscal year, VirTra intends to continue improving its current suite of systems and accessories to provide greater value to existing customers and to appeal to new customers based on current market demands. These developments will include both improvements to the company’s current lineup of products as well as the introduction of new, innovative technologies.

“Since its inception, VirTra has been an innovative and forward-looking company,” continued Ferris. “We were pioneers in the AR/VR space, which we entered in 1993, and first to market with affordable and immersive training simulators in 2004. We believe that innovation is key to maintaining our reputation and growing our presence as the premier solution for de-escalation and use-of-force training to the law enforcement and military markets. To that end, we are making several enhancements and have multiple new products in development that we look forward to introducing throughout 2019, which we believe will both help our customers perform better and give us another leg up over our competition.”

Military Market Opportunity: During 2019, the company intends to allocate more of its attention and resources to the military market as it recognizes the growing need and demand for more effective training simulation in the space.

“While our primary market has and will remain the law enforcement community where we currently serve nearly 200 agencies domestically and internationally, we have seen an increasing need and demand in the military space for our solutions,” commented Ferris. “We are, therefore, undertaking a more notable expansion in this massive market than we have in the past as we believe it has the potential to be a significant growth driver for us over the long-term.”

Share Repurchase Program: Since November 14, 2018, the company has repurchased $588,000 of its common stock under the company’s current authorized repurchase program, which the board of directors increased from $1 million to $2 million on January 14, 2019. To date, VirTra has repurchased a total of $700,000 of its common stock and may repurchase an additional $1.3 million in common stock, at its discretion, to reach the $2 million authorized.

“When I came on as CEO in 2008, the financial condition of the company necessitated that our primary focus be on establishing a healthy balance sheet and ensuring this company was run as efficiently as possible,” noted Ferris. “Thanks to our diligence and tireless work by our talented team over the past few years, we are now in a position to focus on putting our capital to work to reward our long-time shareholders and grow the business into new and existing markets. Furthermore, we’ve continued to make meaningful purchases of our common stock over the last few months.

“We continue to see increased demand for our systems in both our current markets and in new ones as well. Recently, the Department of Homeland Security highlighted the superiority of our V-300 simulator and mentioned it as a potential training tool for the growing number of Border Patrol agents and Immigration Officers. Endorsements like this one and increasing demand from other markets combined with our operational and financial successes of 2018 have placed us in a strong position as we begin fiscal 2019.

“This is an exciting time at VirTra. We look forward to continuing our momentum as we add new initiatives to create greater value for all of our stakeholders and expand our hard-earned reputation as the premier provider in our markets.”

About VirTra
VirTra (NASDAQ: VTSI) is a global provider of training simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly-effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.

Forward-Looking Statements
The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the SEC. You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the Securities and Exchange Commission before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

###

Public Relations
Susan Lehman
slehman@virtra.com
(480) 968-1488

Investor Relations
Matt Glover or Tom Colton
vtsi@liolios.com
(949) 574-3860

VirTra to Present at The MicroCap Conference in New York City at 2:30 p.m. ET on April 9

Tempe, Ariz. (April 4, 2018)VirTra, Inc. (Nasdaq: VTSI) (the “Company”), a global provider of simulators for the law enforcement, military, educational and commercial markets, today announced record orders in the first quarter of 2018, exceeding $8.6 million. These orders are expected to be delivered during the remainder of the year, with much of the revenue likely to be recognized around the middle of 2018.

“Our expanded marketing function, which participated in a significant number of trade shows during the quarter, and our expanded and reorganized national sales organization, are experiencing record success, giving us a tremendous start to what we expect to be a record 2018,” said Jason Mulcahy, general manager of VirTra. “The conversion of orders to revenue is contingent on delivery timing coordinated with customers, which can vary based on a variety of factors, but we are building a significant backlog to support expected growth in 2018.”

“Historically, VirTra has communicated to our shareholders when reaching record levels of orders in a particular quarter,” commented Bob Ferris, Chairman and Chief Executive Officer of VirTra. “Going forward, we expect to report our backlog as of the end of each quarter as part of our presentation of our quarterly results, providing enhanced visibility into our bookings and revenue conversion process.”

“I look forward to discussing these record orders and other reasons for our optimism for 2018 at a presentation at the MicroCap Conference in New York City on Monday, April 9, 2018,” added Mr. Ferris.

The MicroCap Conference is an exclusive event for investors who specialize in MicroCap Companies to conduct one-on-one meetings with VirTra and other participating companies as well as view formal presentations. The conference will be held at The JW Marriott Essex House, 160 Central Park South, New York, NY 10019. Mr. Ferris will be presenting at 2:30 p.m. EDT on Monday, April 9, 2018.

A live webcast of the group presentation will be available at http://www.investorcalendar.com/event/27410.

About The MicroCap Conference

The MicroCap Conference is an exclusive event for investors who specialize in MicroCap Companies. It’s an opportunity to be introduced to and speak with management at some of the most attractive small companies, to learn from our various expert panels, and to network with buyside analysts and other micro cap investors.

For those interested in attending, please contact Fred Rockwell at fred@microcapconf.com or visit https://microcapconf.com for more information. 

About VirTra

VirTra is a global provider of simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real world situations. VirTra’s mission is to save and improve lives worldwide through realistic and highly-effective virtual reality and simulator technology. Learn more about VirTra at www.VirTra.com. 

Forward-looking Statements

This news release includes certain information that may constitute forward-looking statements.  Forward-looking statements are typically identified by terminology such as “could,” “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events.  All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

Media contact:
VirTra
info@virtra.com
480-968-1488

Investor Relations contact:
Brett Maas
vtsi@haydenir.com
(646) 536-7331

First Quarter Orders Reach Record Level, Supporting Expectations of Top and Bottom-Line Growth in 2018

Tempe, Ariz. (March 29, 2018)VirTra, Inc. (Nasdaq: VTSI) (the “Company”), a global provider of simulators for the law enforcement, military, educational and commercial markets, today announced its financial results for the fourth quarter and 12 months ended December 31, 2017. The financial statements are available on VirTra’s website and here 

Fourth Quarter and Full-Year 2017 Financial Highlights: 

  Q4 2017 Q4 2016 % Δ FY 2017 FY 2016 % Δ
Revenues $2.4M $3.0M (20.8)% $16.5M $15.7M 5.6%
Gross Profit $0.9M $1.9M (50.2)% $10.2M $9.7M 5.7%
Gross Margin 39.5% 62.9% (23.4)% 61.9% 61.9% 0.0%
Income (Loss) from Operations $(1.5)M $(0.3)M N/A $1.3M $2.1M (38.6)%
Impairment on Investment $0.6M N/A $0.6M N/A
Income Tax (Benefit) Expense $(2.6)M N/A $(2.5)M $0.1M N/A
Net Income (Loss) $0.5M $(0.3)M N/A $3.3M $2.1M 59.1%
Diluted EPS $0.06 $(0.04) N/A $0.39 $0.24 71.1%
Adjusted EBITDA $1.8M $2.5M (28.0)%

 Business and Financial Highlights:

  • Accepted onto the Nasdaq Capital Market and registered our common stock with the SEC, effective March 29, 2018.
  • Received three delivery orders valued at approximately $4.6 million for law enforcement simulators under the previously announced indefinite delivery/indefinite quantity (IDIQ) contract with the United States Department of State (DOS).
  • Formed a strategic partnership with Haley Strategic Partners, a provider of sophisticated firearms training, solutions and accessories, called “D7 Powered by VirTra.”
  • Announced an order valued at $1.38 million with delivery to occur to a country in Africa, furthering VirTra’s international expansion.
  • Installed a VirTra V-300™ simulator for the O’Fallon (Missouri) Police Department in its newly built Justice Center.
  • Net cash provided by operating activities of $2.7 million for 2017 compared to $1.8 million for 2016.
  • Cash and cash equivalents increased to $5.1 million at December 31, 2017, up from $3.7 million at December 31, 2016.

“In 2017 not only did we exceed our previous year’s record revenue level but we also invested in improving our ability to serve our customers and shareholders in the future,” commented Bob Ferris, Chairman and Chief Executive Officer of VirTra. “The simulator training industry continues to grow through new customer adoption and interest for our solutions is robust. Orders booked in the first quarter for delivery and recognition during 2018 represent a record for VirTra, bolstering our confidence that 2018 will be another record year with great potential for top and bottom-line growth. This progress validates our decision to invest to improve our entire organization to meet growing demand. Our customers, increasingly, are recognizing the value and benefits of simulations-based training, helping expand our addressable market and reinforcing our confidence in market demand. From that standpoint, 2017 was a year of investment, in people, processes, and enhanced solutions to build on VirTra’s already exceptional reputation in the market. Moving to the Nasdaq is an important step in this process, as a Nasdaq listing – along with our strong balance sheet — provides confidence and comfort to potential customers around the world. In addition, our strong balance sheet and Nasdaq listing increases the number of potential acquisitions for us to carefully consider, creating additional growth opportunity for VirTra. As I look to the future, I have never been more excited about VirTra’s long-term potential, and I believe 2018 has the potential to be a very good year for us and our shareholders.”

“While 2017 was a solid year for VirTra, the fourth quarter was impacted by a combination of accommodating customer delivery schedules that resulted in lower recognized revenue and one-time costs allocated to the fourth quarter,” continued Mr. Ferris. “To be sure, timing of orders and deliveries and revenue recognition rules can result in quarter-to-quarter fluctuations. The shifting of certain deliveries from late 2017 into mid-2018, coupled with continued strong demand and a higher-performing sales organization, bolsters our confidence in VirTra’s future.”

Financial Results for the Three Months Ended December 31, 2017

Total revenues were $2.4 million for the fourth quarter of 2017 compared to $3.0 million for the fourth quarter of 2016, a decrease of 20.8%. The year-over-year decrease was due to the timing of certain orders under contracts being delivered ahead of schedule and therefore being recognized during the third quarter 2017, while other orders were delayed by customers, shifting revenue into future periods.

Gross profit was $940,000, or 39.5% gross profit margin, for the fourth quarter of 2017 compared to gross profit of $1.9 million, or 62.9% gross margin, for the fourth quarter of 2016, a gross profit decrease of 50%. The year-over-year decrease in gross profit margin was primarily due to a non-recurring, non-cash adjustment in the carrying value of certain inventory.

Net operating expense was $2.5 million for the fourth quarter of 2017 compared to $2.2 million in the fourth quarter of 2016. The higher expense was primarily due to expanding staffing levels, annual increases in payroll and benefits for current staff, sales and marketing expansion, increases in non-recurring public company related one-time costs, new research and development work and IT infrastructure upgrades. Approximately $411,000 of these costs are non-recurring in nature.

Loss from operations for the fourth quarter of 2017 was $1.5 million compared to a loss from operations of $303,000 in the fourth quarter of 2016. The increase in operating loss was primarily due to decreases in revenues and increases in net operating expense to include $411,000 of costs that are non-recurring in nature.

During the fourth quarter, VirTra recorded a non-cash, non-recurring income tax benefit of $2.6 million, reflecting a reversal of the Company’s previously established valuation allowance, partially offset by the effect of a change in the federal income tax rate due to federal income tax reform, applied to VirTra’s deferred tax assets and miscellaneous state income taxes.

In addition, management regularly evaluates the recoverability of its investment based on the investee company’s performance and financial position. During the fourth quarter, VirTra recognized an impairment loss of $613,000 related to the investment in Modern Round Entertainment Corporation.

Inclusive of this income tax benefit and the impairment loss, net income for the fourth quarter of 2017 was $470,000, or $(0.06) per basic and diluted share, compared to a net loss of $311,000, or ($0.04) per basic and diluted share, for the prior year’s fourth quarter.

Adjusted EBITDA was $(1,553,287) for the fourth quarter of 2017 compared to $(106,671) for the fourth quarter of 2016, a decrease of 1,356%. 

Financial Results for the 12 Months Ended December 31, 2017

Total revenues were $16.5 million for the full year 2017 compared to $15.7 million for the full year 2016, an increase of 5.6%. Gross profit was $10.2 million, or 61.9% gross profit margin, for the full year 2017 compared to gross profit of $9.7 million, or also 61.9% gross profit margin, for the full year 2016, a gross profit increase of 5.7%. Net operating expense was $8.9 million for the full year 2017 compared to $7.6 million for the full year 2016.

Income from operations for the full year 2017 was $1.3 million compared to $2.1 million for the full year 2016. Inclusive of the $2.5 million income tax benefit and the impairment loss described above, full-year net income was $3.3 million for 2017, or $0.41 per basic and $0.39 per diluted share, compared to $2.1 million, or $0.26 per basic and $0.24 per diluted share, for the full year 2016.

Adjusted EBITDA was $1.8 million for the full year 2017 compared to $2.5 million for the full year 2016, a decrease of 28.0% and includes $411,000 one-time costs and expenses associated with registering the company with the SEC and preparing the company to be listed on The Nasdaq Capital Market.

Balance Sheet Summary

Stockholders’ equity increased to $10.5 million at December 31, 2017 compared to $6.4 million at December 31, 2016. Cash and cash equivalents were $5.1 million at December 31, 2017 compared to $3.7 million at December 31, 2016. The Company had essentially no outstanding bank debt at December 31, 2017.

Share Repurchase

Since June, 2017 the Company has been repurchasing shares of its common stock under the current share repurchase authorization approved by its Board of Directors in October of 2016. To date, these shares have been purchased in the open market pursuant to a trading plan that has been adopted in accordance with Rule 10b-18 of the Securities and Exchange Commission. On a split-adjusted basis, the Company repurchased 23,467 shares at a cost of $112,109, an average price of $4.78 per share during the 12 months ended December 31, 2017.

Conference Call and Webcast

The Company will host a fourth quarter and full year 2017 results and business update investor conference call and webcast on Thursday, March 29, 2018. Individuals interested in listening to the webcast live via the Internet may do so by visiting the Company’s website at www.VirTra.com.  A webcast replay will be available for 60 days.

Date: Thursday, March 29, 2018
Time: 4:30 p.m. ET / 1:30 p.m. local
Dial-in Number: (877) 407-8031
International Dial-in Number: (201) 689-8031
Webcast: http://www.investorcalendar.com/event/26948

Participants are recommended to dial-in approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately two hours after completion through April 12, 2018. To listen to the replay, dial (877) 481-4010 (domestic) or (919) 882-2331 (international) and use replay ID 26948. The webcast replay will be available through June 29, 2018.

About VirTra

VirTra is a global provider of simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real world situations. VirTra’s mission is to save and improve lives worldwide through realistic and highly-effective virtual reality and simulator technology. Learn more about VirTra at www.VirTra.com.

Forward-looking Statements

This news release includes certain information that may constitute forward-looking statements.  Forward-looking statements are typically identified by terminology such as “could,” “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events.  All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof, and is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

Media contact:
VirTra
info@virtra.com
480-968-1488

Investor Relations contact:
Brett Maas
vtsi@haydenir.com
(646) 536-7331

View/Print PDF Version of Press Release/Financials

Tempe, Ariz. — March 20, 2018 — VirTra, Inc. (OTCQX: VTSI/VTSID), a global provider of training simulators for the law enforcement, military, educational and commercial markets, today announced that it has received three delivery orders for law enforcement simulators under the previously announced indefinite delivery/indefinite quantity (IDIQ) contract by the United States Department of State (DOS). These orders are valued at approximately $4.6 million and will consist of 49 training simulators, related accessories and training. The IDIQ contract could result in up to $40 million in revenue for law enforcement training simulator equipment and services over the order period, which expires in April 2021.

“This is a historic day for VirTra as we have been entrusted to supply critical training simulators for Pakistan,” said Jason Mulcahy, general manager of VirTra. “We are honored to have been selected by the U.S. Department of State and look forward to the opportunity to supply world class training solutions with deliveries projected to occur in the second and third quarters of 2018.”

The simulators will be delivered to the U.S. Department of State and are expected to be donated to Pakistan in support of U.S. Foreign Assistance programs. The simulators are anticipated to be used in basic and advanced weapons training for developing proficiency in marksmanship, use of force judgment skills, close quarters shooting skills and other related skills which law enforcement personnel face in the execution of their duties.

With this contract, VirTra’s advanced simulators are now installed in 27 countries, plus the United States.

About VirTra 

VirTra is a global provider of training simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real world situations. VirTra’s mission is to save and improve lives worldwide through realistic and highly-effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.

Forward-looking Statements 

This news release includes certain information that may constitute forward-looking statements.  Forward-looking statements are typically identified by terminology such as “could,” “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events.  All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements.  Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.  Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors.  Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof, and is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change.  The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

Media contact:
VirTra
info@virtra.com
480-968-1488

Investor relations contact:
Brett Maas
vtsi@haydenir.com
(646) 536-7331

Conference Call Scheduled for Thursday, March 29, 2018 at 4:30 p.m. ET

Tempe, Ariz. March 13, 2018VirTra, Inc. (OTCQX: VTSI), (the “Company”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, announced today that it will release its financial results for the fourth quarter and year ended December 31, 2017 after the market closes on Thursday, March 29, 2018. The Company will host a fourth quarter and year end 2017 results and business update investor conference call on Thursday, March 29, 2018 at 4:30 p.m. ET.

Conference Call Details:
Date: Thursday, March 29, 2018
Time: 4:30 p.m. ET
Dial-in Number: (877) 407-8031
International Dial-in Number: (201) 689-8031
Webcast: http://www.investorcalendar.com/event/26948

Participants are recommended to dial-in approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately two hours after completion through April 12, 2018. To listen to the replay, dial (877) 481-4010 (domestic) or (919) 882-2331 (international) and use replay ID 26948. The webcast replay will be available through June 29, 2018.

About VirTra

VirTra is a global provider of training simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real world situations. VirTra’s mission is to save and improve lives worldwide through realistic and highly-effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.

Investor Relations
Brett Maas
Hayden IR
(646) 536-7331
brett@haydenir.com

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